Renters insurance is not only beneficial for renters but often times mandatory, as a landlord’s policy will most likely only cover the structure of the building and not the items in the renters apartment. Consider the following common claims to realize just how crucial it really is. To assist you in your pursuit to stay protected, here are the three most common renters insurance claims for businesses to consider.
Even though the majority of individuals believe they are responsible (and most likely are), disasters can easily occur from a tiny mistake. And with that being said we really can only look out for ourselves. If a neighbor leaves a candle burning that causes a fire in their unit, which then spreads into other units while the occupants are not home, the loss of their items can be financially devastating. With renters insurance, the items are replaced based on the type of policy that was chosen, helping the victims get back on their feet.
Renters insurance protects against theft by applying to any theft that takes place in a rented home or apartment. If there is a break in and a thief steals multiple items, renters insurance coverage will assist in replacing all stolen possessions.
It can also cover individuals while they are traveling. For example, if someone is out of town on a long weekend and their personal belongings or suitcase is stolen, the items inside would be covered. Although, the policy may not include protection during travel automatically, this particular occurrence may require an endorsement to ensure full coverage. Connect with a renters insurance agent to better understand how this type of coverage works.
#1: Water Damage
Water damage is quite possibly the most common renters insurance claim of them all. It is important to be aware that there are limitations regarding water damage. Renters will be covered if water damage is caused by a busted pipe, but not from certain situations that can be classified as the renter’s fault, such as a sewer backup or sump pump failure. Renters would need to speak to a renters insurance agent about adding an additional coverage to their policy.
Flooding is a whole separate policy all together. Those in a flood zone would greatly benefit from speaking to an agent about specialized coverage options.
About IFS Insurance
At IFS Insurance, we specialize in protecting homeowners and renters throughout Delaware, New Jersey, Pennsylvania, and Maryland. Our quality solutions and commitment to excellence has allowed us to serve these states for over 50 years. For more information about our products, we invite you to contact us today at (800) 598-0420